Revised GIPC Act to be tabled before Cabinet next week
Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has said the bill to review the GIPC Act 2013 will be tabled before Cabinet next week.
Making the assertion while addressing foreign missions present at the GIPC’s Economic Counsellors Dialogue on Thursday, July 6, 2023, Mr Grant quipped the revised bill contains a few significant changes that pertain to the country’s investment laws.
According to him, the new changes made to the investment laws are in tangent with global investment laws and are to ensure that Ghana retains its foreign investors.
“Reforms to the GIPC law will be put before Cabinet next week and it has a few radicals in there but they are in consonance with global standards and are to make sure Ghana retains its investors,” he remarked.
Speaking further, he noted that the GIPC will have a new investment code aside the revised GIPC Act that will streamline investment activities and ensure there are no inconsistencies or difficulties between investors and the various Government agencies and departments.
Mr Grant was speaking on the theme “Promoting Bilateral Investment: Igniting Growth and Strengthening Economic Partnerships.”
It has been close to a decade – since 2013 – that the GIPC began to make changes to the country’s investment laws.
According to the GIPC, the many years of having to revise the GIPC Act is to ensure that any revision made does not put the country at a losing end.
The new reforms to the GIPC’s investment laws were necessitated by concerns expressed by both foreign and local investors on some aspects of the Act asserting some provisions in the law make the investment climate in the country unhealthy.
The Economic Counsellors Dialogue is an engagement platform with the diplomatic community meant to provide education on GIPC’s role in helping foreign investors do business in the country as well as establish a relationship with investors.
It has over the years become the platform for strategic engagement with the commercial, trade and economic attaches of foreign missions in Ghana and has helped the GIPC cultivate and grow mutually rewarding relations with foreign missions and investors for the purpose of promoting investments into Ghana.
